BackThis bank's customers can now pay their GST directly on the portal without stepping out of their homes
This facility is available to individuals, corporations, institutions, and their representatives. Also, current account holders of the bank are seen to benefit from this facility.
PremiumKotak Mahindra Bank announced the completion of its integration with the GST portal on Friday. With that, now Kotak Bank customers can pay instant GST directly on the GST portal without having to step out from the comfort of their homes/offices. This facility is available to individuals, corporations, institutions, and their representatives. Also, current account holders of the bank are seen to benefit from this facility.
Kotak Bank is the first scheduled private sector bank to be integrated after the Centre permitted all banks to participate in government business last year.
Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank said, “Providing a seamless banking journey to customers is in Kotak's DNA. Kotak being available as a payment partner on the GST portal will benefit all our current account, corporate and business banking customers. The integration of Kotak Net Banking on the GST portal ensures quick, easy and convenient payments for our customers."
Recently, the bank announced its integration with the new Income Tax department portal and also went live on the Indian Customs Electronic Gateway (ICEGATE). KMBL has thus become a payment partner for both direct and indirect taxes.
Last year, in October, Kotak had said it became the first scheduled private sector bank to receive approval as a collections partner for taxes after the government decided to permit all banks for their business.
On BSE, Kotak Bank shares closed at ₹1831 apiece down by ₹4.10 or 0.22%. The shares have touched an intraday high and low of ₹1849.50 apiece and ₹1823.65 apiece respectively.
The bank's market valuation is around ₹3,63,533.02 crore on Dalal Street.
In Q1FY23, Kotak Bank's net profit climbed 32% to ₹1,642 crore as compared to ₹1,244.4 crore in the corresponding quarter of the previous fiscal. The net interest income (NII) grew 5.8% to ₹3,941.8 crore as against ₹3,723.8 crore year-on-year (YoY). The private lender's net interest margin (NIM) for Q1FY22 stood at 4.60%.
Kotak Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India.
As of June 20, 2022, the bank has a national footprint of 1,702 branches and 2,761 ATMs, and branches in GIFT City and DIFC (Dubai).
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